WILLIAMS COMPANIES (WMB) Company Report

On November 20, 2025, Transcontinental Gas Pipe Line Company, LLC, an indirect wholly owned subsidiary of Williams Companies, completed a private placement of $1.0 billion 5.100% Senior Notes due 2036 and $700 million 5.750% Senior Notes due 2056 under Rule 144A/Reg S.
The 2036 Notes were priced at 99.936% of par bearing interest at 5.100%, and the 2056 Notes at 99.413% of par bearing interest at 5.750%, both payable semi-annually beginning March 15, 2026.
The indenture provides for make-whole redemption prior to the Par Call Date and redemption at 100% of principal thereafter, and includes covenants restricting liens and asset transfers.
A Registration Rights Agreement obligates the company to file an exchange offer within 365 days and potentially register a shelf for resales; failure to comply may incur additional interest payments.

4 days ago

8-K

Williams’ Transco initiates private debt issuance

WMB

Debt Issuance

Transcontinental Gas Pipe Line Company, LLC (“Transco”), a Williams subsidiary, is offering senior notes privately to institutional investors to fund the redemption of $1.0 billion of its 7.850% Senior Notes due 2026.
Net proceeds will also cover associated fees and any surplus will be used for general corporate purposes, which may include repayment of other near-term debt maturities.
The offering will rely on exemptions from registration under the Securities Act and will be conducted via a private offering memorandum.

Nov 5, 2025, 1:53 PM

Press Release

Williams Reports Q3 2025 Results

WMB

Earnings

Guidance Update

New Projects/Investments

Williams generated $1.92 billion of adjusted EBITDA in Q3 2025, up 13% year-over-year, and maintained full-year adjusted EBITDA guidance at a $7.75 billion midpoint; 2025 CapEx guidance was raised to $3.95–$4.25 billion with leverage around 3.7×
Completed key infrastructure expansions including Northwest Pipeline’s Stanfield South, Transco’s Alabama-Georgia Connector, Shenandoah and Salamanca deep-water projects, and Haynesville gathering; announced Wharton West and Green River West expansions and secured customer agreements for a 10 Bcf/d Pine Prairie storage expansion
Sold Haynesville upstream asset to JERA for $398 million plus deferred payments, and formed a strategic partnership with Woodside to build the 3.1 Bcf/d Line 200 pipeline and acquire a 10% stake in the Louisiana LNG terminal, committing 1.5 mtpa of LNG offtake, with combined expected capital of $1.9 billion
Power innovation backlog rose to $5.1 billion, including $3.1 billion in two new projects under 10-year contracts, targeted for completion by H1 2027
Transmission, Power & Gulf EBITDA grew 14% (+$117 million), Gulf gathering volumes increased 36%, and NGL production rose 78% year-over-year

Nov 4, 2025, 2:30 PM

Transcript

Williams reports strong Q3 2025 results and outlines growth projects

WMB

Earnings

Guidance Update

New Projects/Investments

Williams delivered adjusted EBITDA of $1.92 billion, up 13% year-over-year, driven by record transmission, power innovation and storage/gathering volumes across all segments.
Full-year 2025 guidance remains unchanged with a midpoint of $7.75 billion adjusted EBITDA, targeting 9% growth over 2024 and a five-year EBITDA CAGR of 9% (EPS CAGR of 14%).
Completed key expansion projects—including Transco’s Alabama Georgia Connector and Mountain West’s Green River West—and announced a $1.9 billion capital commitment for Haynesville asset divestiture to JERA and a 20-year, 3.1 Bcf/d Line 200 LNG pipeline partnership with Woodside (10% terminal equity).
Power Innovation backlog increased to $5.1 billion with two new grid-constrained projects announced in September 2025, slated for completion in 2027 under ten-year customer agreements.

Nov 4, 2025, 2:30 PM

Transcript

Williams Companies reports Q3 2025 results and outlines major project investments

WMB

Earnings

Guidance Update

New Projects/Investments

Williams delivered $1.92 billion of adjusted EBITDA in Q3 2025, up 13% year-over-year, and maintained full-year adjusted EBITDA guidance with a midpoint of $7.75 billion; CapEx guidance was raised to $3.95–$4.25 billion to fund additional Power Innovation and LNG investments.
Completed or placed in service multiple transmission expansions—including Stanfield South, Alabama-Georgia Connector, and Commonwealth Energy Connector—and announced new pipeline projects (Wharton West, Green River West) and a 10 Bcf expansion at Pine Prairie storage.
Advanced a strategic “wellhead-to-water” LNG platform: sold Haynesville upstream interest to JERA for $398 million, partnered with Woodside Energy to build and operate the 3.1 Bcf/d Line 200 pipeline, and acquired a 10% stake in a fully contracted Louisiana LNG terminal under 20-year take-or-pay contracts.
Committed $5.1 billion of Power Innovation capital across projects backed by 10-year agreements, with two additional projects totaling $3.1 billion slated for in-service in H1 2027, targeting a 5× EBITDA build multiple.

Nov 4, 2025, 2:30 PM

Transcript

Williams Companies reports Q3 2025 earnings and strategic investments

WMB

Earnings

Guidance Update

New Projects/Investments

Completed multiple pipeline expansions including Stanfield South, Alabama-Georgia Connector, and Shenandoah, and announced further projects Wharton West and Green River West, plus a 10 Bcf Pine Prairie storage expansion.
Announced sale of Haynesville upstream asset to JERA for $398 million (plus deferred payments) and a strategic LNG partnership with Woodside to build and operate Line 200 (3.1 Bcf/d) and acquire a 10% interest in Louisiana LNG, committing to 1.5 Mtpa offtake and $1.9 billion of capital investment.
Delivered $1.92 billion of adjusted EBITDA in Q3, up 13% YoY, driven by record transmission, power & Gulf business and significant volume growth in Gulf gathering (+36%) and NGL production (+78%).
Maintained full-year 2025 guidance with an adjusted EBITDA midpoint of $7.75 billion (+9% YoY), EPS midpoint of $2.10 (+9% YoY), CapEx of $3.95–4.25 billion, and leverage target of ~3.7x.
Expanded power innovation backlog to $5.1 billion with two new projects totaling $3.1 billion, expected online in early 2027 under 10-year agreements at a 5x EBITDA build multiple.

Nov 4, 2025, 2:30 PM

Transcript

Williams Companies Q3 Results Mixed, Shares Rise

WMB

Earnings

Revenue increased to $2.923 billion from $2.653 billion year-over-year, driven by higher service revenues and product sales.
Operating income rose to $1.109 billion, reflecting improved operational efficiency and cost management.
Net income attributable to shareholders declined to $647 million due to higher interest expenses, down from $706 million.
EPS slipped to $0.53, but shares gained 2% to $59.03, marking their third consecutive day of gains.
Contributions from segments including Transmission, Power & Gulf, Northeast G&P, West, and Gas & NGL Marketing Services underpinned performance, with operations centered in the Marcellus Shale, Gulf Coast, and Rocky Mountains.

Nov 3, 2025, 10:49 PM

Morningstar

Williams reports Q3 2025 results

WMB

Earnings

Guidance Update

New Projects/Investments

Williams posted GAAP net income of $646 million ($0.53 per diluted share) and adjusted net income of $603 million ($0.49 per diluted share), a 14% increase year-over-year.
Adjusted EBITDA reached $1.920 billion (up 13% vs. Q3 2024), cash flow from operations was $1.439 billion (+16%), and AFFO totaled $1.449 billion (+13%), supporting a 2.37x dividend coverage ratio.
Advanced its growth program by placing into service the Transco Alabama Georgia Connector, Commonwealth Energy Connector, Stanfield South, Gulf deepwater Shenandoah and Salamanca expansions, and expanded the Socrates project by ~$400 million.
Reaffirmed 2025 guidance with an Adjusted EBITDA midpoint of $7.75 billion (range $7.6–7.9 billion), increased growth capex to $3.95–4.25 billion, and raised the annual dividend by 5.3% to $2.00 per share.

Nov 3, 2025, 9:22 PM

8-K

Williams Companies commits additional power innovation capital

WMB

New Projects/Investments

Guidance Update

$3.1 billion investment agreed for two new power innovation projects, expected online by H1 2027 under 10-year fixed-price PPAs.
Total power innovation projects committed capital increases to $5 billion.
2025 growth capex raised by $875 million to $3.45–3.75 billion, reflecting accelerated project spending.
2025 leverage ratio midpoint projected at 3.7× following the capex increase.

Oct 1, 2025, 8:15 PM

8-K

Williams Companies outlines growth strategy and upgrades FY2025 guidance

WMB

Guidance Update

New Projects/Investments

Williams raised its FY 2025 earnings guidance to $7.75 billion at the midpoint—a $350 million increase implying 9% growth versus FY 2024.
Over the past five years, Williams delivered a 9% CAGR in earnings, 14% CAGR in EPS and 20% return on invested capital.
Transmission capacity is set to expand from 20 BCF/d in 2018 to 38 BCF/d by 2030 via sanctioned projects, with an additional 13 BCF/d in backlog representing $14 billion of potential investment.
The power innovation arm has increased its first project investment to $2 billion and is pursuing 6 GW of new gas-fired power solutions for data centers and renewables integration.

Sep 2, 2025, 7:04 PM

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